Tanger (NYSE:SKT) Cut to “Neutral” at JPMorgan Chase & Co.

JPMorgan Chase & Co. cut shares of Tanger (NYSE:SKT) from an overweight rating to a neutral rating in a research note published on Thursday, MarketBeat.com reports. JPMorgan Chase & Co. currently has $39.00 price objective on the real estate investment trust’s stock.

Several other brokerages also recently weighed in on SKT. BMO Capital Markets upped their price objective on Tanger from $40.00 to $42.00 and gave the stock a “market perform” rating in a research report on Monday, June 15th. Evercore set a $39.00 target price on Tanger in a research note on Tuesday, July 7th. Barclays increased their target price on shares of Tanger from $41.00 to $42.00 and gave the stock an “equal weight” rating in a report on Monday, August 17th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Tanger from $35.00 to $40.00 and gave the company a “hold” rating in a research note on Wednesday, June 17th. Finally, LADENBURG THALM/SH SH lifted their price target on shares of Tanger from $40.00 to $42.00 and gave the company a “buy” rating in a report on Wednesday, June 10th. Two research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $40.27.

Tanger Stock Down 0.6%

NYSE SKT opened at $34.79 on Thursday. The business has a fifty day moving average price of $38.39 and a two-hundred day moving average price of $37.51. The company has a debt-to-equity ratio of 2.65, a current ratio of 2.12 and a quick ratio of 2.12. Tanger has a fifty-two week low of $31.13 and a fifty-two week high of $42.53. The stock has a market capitalization of $4.00 billion, a PE ratio of 31.63, a PEG ratio of 1.69 and a beta of 1.10.

Tanger (NYSE:SKT) last issued its earnings results on Tuesday, August 4th. The real estate investment trust reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.04. Tanger had a return on equity of 17.72% and a net margin of 20.74%.The firm had revenue of $156.39 million for the quarter, compared to the consensus estimate of $142.58 million. During the same quarter last year, the business posted $0.58 EPS. The company’s revenue was up 11.2% compared to the same quarter last year. Tanger has set its FY 2026 guidance at 2.450-2.520 EPS. Equities analysts expect that Tanger will post 2.49 earnings per share for the current fiscal year.

Tanger Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were given a dividend of $0.3125 per share. The ex-dividend date was Friday, July 31st. This represents a $1.25 dividend on an annualized basis and a yield of 3.6%. Tanger’s payout ratio is currently 113.64%.

Hedge Funds Weigh In On Tanger

Large investors have recently bought and sold shares of the company. BlackRock Inc. grew its holdings in shares of Tanger by 7.7% during the second quarter. BlackRock Inc. now owns 22,211,493 shares of the real estate investment trust’s stock worth $876,688,000 after purchasing an additional 1,582,006 shares during the last quarter. State Street Corp raised its holdings in Tanger by 0.5% in the 2nd quarter. State Street Corp now owns 6,519,128 shares of the real estate investment trust’s stock valued at $257,310,000 after buying an additional 30,825 shares during the last quarter. Geode Capital Management LLC boosted its position in Tanger by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 2,879,693 shares of the real estate investment trust’s stock worth $96,111,000 after buying an additional 27,201 shares during the period. Dimensional Fund Advisors LP grew its holdings in Tanger by 2.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,694,607 shares of the real estate investment trust’s stock worth $57,584,000 after acquiring an additional 42,114 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in Tanger by 2.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 860,761 shares of the real estate investment trust’s stock valued at $33,974,000 after acquiring an additional 23,200 shares during the period. 85.23% of the stock is currently owned by institutional investors.

About Tanger

Tanger Inc (NYSE: SKT) is a real estate investment trust that owns, operates and develops open-air outlet and shopping centers. Its properties are designed to serve value-conscious consumers and include a mix of national and regional retailers across apparel, footwear, home goods, dining and other consumer categories.

The company’s primary business activities include leasing retail space, managing shopping-center operations and maintaining tenant relationships. Tanger’s portfolio serves shoppers in the United States and Canada, with properties generally located near major metropolitan areas, tourist destinations and high-traffic travel corridors.

Founded in 1981 by Stanley K.